The benefits of obtaining a graduate degree are numerous. Anyone with their master’s or doctorate degree will find themselves having a full command of the knowledge in their specific field, will have valuable internship or work experience in their field, a familiarity with professors and experts to aid future research, and the ability to be hired for better-paying positions than a person with a Bachelor’s degree.

Unfortunately, the recent economic situation has meant that schools are often unable to give grants or paid internships for graduate students. Since grad school is usually pricier than obtaining an undergraduate degree, and often involves as many, if not more, years of schooling, paying for college becomes a very real concern for many would-be grad students.

Cost of schooling should not be a deterrent to earning a higher-level degree, and a graduate student loan allows qualified individuals to continue their education and enjoy the advantages that a master’s or PhD confers. These private loans have numerous qualities that make them attractive to advanced degree candidates, including:

• Relatively low interest rates and flexible maximums to accommodate individual needs, including tuition costs, computer equipment, textbooks and living expenses.
• High approval ratings and short wait times for approval.
• Up to six months’ deferment after completing college to begin repayment.
• No repayment obligation while enrolled in courses.

Notice that, unlike publicly-funded government loans, private loans do not have a set yearly limit, although they are generally equal to the cost of a year’s tuition, or prearranged interest rates. A variety of factors, including the financial situation of the student, credit history and needs based on expenses factor into the type of loan one can obtain.

In general, to qualify for a graduate student loan, the student must meet the following criteria:

• Be enrolled in a half-time or full-time approved degree program at an accredited college or university.
• Have a credit history with no defaults, serious delinquencies, or other red flags.
• Have a co-signer.
• Be either a United States citizen, or an eligible resident foreign citizen.

Private loans to help upperclassmen pay for college do not require completion of a Free Application for Federal Student Aid (FAFSA). Some programs can even offer a reduction in interest rate when loans are repaid through direct billing to one’s bank account, as well. These types of loans are an option for students academically qualified to pursue their educational goals, and are a way to increase the chances of future employment in uncertain economic times.